Author: africamirror
MENA Newswire News Desk: The UAE’s tourism sector is showing strong growth, in line with the UAE Tourism Strategy 2031, which targets AED100 billion in investments and seeks to boost the sector’s GDP contribution to AED450 billion by 2031. The UAE’s ongoing investment in tourism infrastructure has paid off, with international tourist arrivals and hotel bookings hitting record numbers. According to the World Travel and Tourism Council (WTTC), the UAE’s tourism sector contributed 11.7 percent to the nation’s GDP in 2023, equating to AED220 billion. This contribution is expected to increase to 12 percent, or AED236 billion, by the end of 2024. The…
MENA Newswire News Desk: The summer of 2024 has set a new benchmark as the hottest on record, increasing the likelihood that this year will become the warmest ever measured, according to a report from the European Union’s Copernicus Climate Change Service (C3S). Released on Friday, the data highlights that the average temperature for the boreal summer, which spans June through August, reached 16.8 degrees Celsius (62.24 degrees Fahrenheit). This figure surpasses the previous record set in 2023 by 0.03 degrees Celsius (0.05 degrees Fahrenheit). The summer’s extreme heat continues a troubling trend observed over recent years. Both June and August of 2024 contributed…
MENA Newswire News Desk: Sweden’s Volvo Cars has decided to backtrack on its ambitious goal of selling only electric vehicles (EVs) by 2030, citing a need for flexibility in response to market conditions and slowing demand. The automaker, owned by China’s Geely Holding, had previously committed to transitioning its entire lineup to EVs by the end of the decade but now says it aims for between 90% and 100% of its vehicles to be fully electric or plug-in hybrid by 2030. The remaining 10% will allow for mild hybrid models. This revision follows a 2021 pledge in which Volvo promised a full shift to EVs.…
China has issued a stern warning to Japan, threatening significant economic retaliation if Tokyo proceeds with additional restrictions on the sale and servicing of chipmaking equipment to Chinese firms. The move complicates ongoing US-led efforts to curb China’s access to advanced semiconductor technology. Japanese officials have been briefed on the potential consequences by senior Chinese representatives in recent meetings, according to sources familiar with the discussions. A key concern within Japan is the potential impact on Toyota Motor Corp., which has expressed fears that Beijing could respond to new semiconductor restrictions by cutting off Japan’s access to critical minerals essential for…
With a 27-year background leading global practices delivering business and IT transformation leveraging the world’s leading applications platforms, Abe Iruegas brings a wealth of experience to K2 Partnering Solutions. His leadership will drive customer-focused excellence and growth across the business worldwide. MIAMI, FL / ACCESSWIRE / September 3, 2024 / K2 Partnering Solutions, a leading worldwide provider of consultative technology services and solutions in the enterprise applications, AI, and cloud space, has today announced the appointment of Abe Iruegas as Chief Revenue Officer. Mr. Iruegas brings a wealth of experience from his distinguished 27-year career, most recently as Global SAP…
China has issued a stern warning to Japan, threatening significant economic retaliation if Tokyo proceeds with additional restrictions on the sale and servicing of chipmaking equipment to Chinese firms. The move complicates ongoing US-led efforts to curb China’s access to advanced semiconductor technology. Japanese officials have been briefed on the potential consequences by senior Chinese representatives in recent meetings, according to sources familiar with the discussions. A key concern within Japan is the potential impact on Toyota Motor Corp., which has expressed fears that Beijing could respond to new semiconductor restrictions by cutting off Japan’s access to critical minerals essential for…
The S&P 500 rebounded in August after a rocky start, ending the month with a 2.3% gain. This marked a reversal from the early August slump, where the index dropped by 6.1% in the first three trading sessions. Despite the volatility, 71% of stocks in the S&P 500 posted gains for the month, with 52 of them rising by double digits. Kellanova led the charge after accepting an $83.50 per share buyout offer from Mars, pushing its stock up 38.6% for the year. Starbucks was another standout, with its shares surging 21.3% in August, largely due to the announcement of Brian Nicol as the new CEO. Nicol,…
China’s economic foundations are under intense strain as key sectors struggle to maintain momentum. Factory activity contracted for a fourth consecutive month in August, signaling deepening deflationary pressures. The National Bureau of Statistics (NBS) reported that the official manufacturing purchasing managers’ index (PMI) fell to 49.1 from 49.4 in July, marking a continued slump that has persisted for most of 2023. The ongoing downturn in the property market is exacerbating the economic challenges. Residential sales figures reveal a worsening slump, with the value of new-home sales by the top 100 real estate companies plummeting by 26.8% year-over-year in August. This decline, coupled…
India is set to unveil its largest deep-water port, Vadhvan, in Maharashtra on Friday, with Prime Minister Narendra Modi slated to lay the foundation stone, according to a report by Asian News International (ANI). The port, located in Palghar, is expected to significantly enhance India’s maritime capabilities and bolster its position in global trade. This development is part of a broader strategy under PM Modi’s leadership, which has propelled India to the forefront of the global economy. Under his administration, India has emerged as a superpower and one of the top five economies in the world. The country’s growth trajectory, which had been…
The International Air Transport Association (IATA) reported a significant rise in global air cargo demand for July 2024, continuing a trend of robust year-over-year growth. According to the latest data, total air cargo demand, measured in cargo tonne-kilometers (CTKs), surged by 13.6% compared to the same period in 2023. This marks the eighth consecutive month of double-digit annual growth, with demand levels approaching the record highs last seen in 2021. International traffic played a crucial role in this surge, with a 14.3% increase in demand. Capacity, measured in available capacity tonne-kilometers (ACTKs), also saw an increase, rising by 8.3% year-over-year. Notably, international…